REAL ESTATE UPDATE
I see too many small townhouses in the core that sold for around $7m a few years ago now asking $12m plus. This week with the real start of summer season those brokers have lowered prices over $1,000,000 each. As for the perfect new or newly re-done product where the Buyer can move right in, sales are around $5-$6,000 per sq ft. There are some “deals” at $2,500-$3,000 per sq ft on properties that may need some updating. I also think that because the City of Aspen Government works so hard at making new development almost impossible with demo permits or building permits taking over a year, we will see some price corrections in either tear downs or vacant land. This is always a challenge in Aspen.
Note 2024 stats are way over last year but actually closer to
2022! When I deduct a few cuckoo sales this year of $108,000,000 and a few others over $50,000,000, we are closer to last year. I just saw a West End comparison that showed actual average per square foot listings at $4200+ but real closings are at $3,800 per sq ft. We are still ASPEN and
The wealthy of America want to hide out HERE.
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